As a real estate investor, you know that the success of your investment rides on the purchase. You make money when you buy, not just when you sell.
To make smart purchases, savvy agents are using tech to find and evaluate real estate deals. Here’s an insider’s look at the ways tech can help you make sound real estate investments.
1. Finding Distressed Properties
Big data is making it easier than ever to find real estate gems. Online software like PropStream provides data from Public Record, MLS & other various data sources and allows you to filter the data quickly and easily to find distressed properties. Properties burdened by issues such as pre-foreclosure, vacancy, involuntary liens, bankruptcy, or divorce can often be purchased below market.
You could even snag a killer deal at auction using property records provide dates and locations for upcoming auctions so you’ll know when and where the opportunities are.
But the best part is, you can set automatic alerts so you’ll be the first to know when new properties meet your desired criteria.
2. Evaluating Properties
Armed with your list of distressed properties, you can start evaluating each property for investment potential.
The first step, estimating the property value, is automatically done for you on PropStream. Every property record contains a value estimate, calculated using a proprietary algorithm. You can even view the calculated mortgage balance and estimated equity for each property, so you’ll have an idea of the owner’s financial position, which will give you leverage in negotiations.
Then there’s the Step-by-Step Analysis Wizard. This powerful tool helps you calculate the purchase, mortgage, income, expenses, and sale of any property. The tool can calculate your projected cash flow from your income property, as well as your taxes and deductions.
And, there’s also the Rehab Estimator. As the name implies, this tool helps you estimate the costs of rehab projects. But, unlike similar tools on the market, PropStream’s Rehab Estimator uses local labor and material costs to dramatically increase the accuracy of your pre-purchase projections.
When you’re ready to start the rehab, your Rehab Estimator estimates will help you evaluate contractor proposals and negotiate better terms.
3. Contacting the Owners
With all your preliminary research complete, it’s time to contact the property owners and negotiate deals. Savvy real estate investors are leveraging tech to save time and money when contacting property owners.
Not only can you find property owner email addresses, landline numbers, and cell phone numbers (along with mailing addresses for non-owner-occupied residences) through PropStream, but you can contact the owners using the built-in marketing features.
Simply save your chosen properties to a list, then have the PropStream system automatically send voicemails, postcards, and/or emails to the owners of those properties. While some owners withhold their personal contact information, PropStream has complete contact information for a high percentage of properties. So you won’t need to waste time searching assessor records or waste money buying owner contact information.
If you’re serious about your real estate investment business, you need serious tools to optimize your results. That’s why top investors are using PropStream to find killer deals and maximize their ROI.